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British holidaymakers 'using credit cards abroad'

By Sarah Engle, Mon 15 Feb 2010 - Published in Credit Cards

British travellers spent around £1.5 billion a year on their credit cards when overseas, it has been claimed.

Research from Santander Cards discovered that one-fifth of holidaymakers, or around five million people, use a credit card as the main way to make payments when abroad, while another eight million choose it as a secondary payment method.

In addition, the report suggested around £122 million in foreign exchange fees could be unnecessary, as travellers stick to cards with a standard charge of 2.75 per cent on foreign purchases and neglect to shop around for better deals.

Emma Roberts, director of Santander Cards, said: "With many Britons embracing a more careful approach to their spending, foreign exchange fees are one expense that those travelling abroad this year can definitely do without."

The study also found that cash is the main payment option for travellers, with 52 per cent preferring this, followed by credit cards (20 per cent), debit cards (15 per cent) and traveller's cheques (five per cent).

Last month, Sainsbury's reminded people of the importance of taking out travel insurance after booking their holidays early.